Wednesday, May 7, 2014

US to build oil reserve in northeast region

The US Department of Energy plans to build an oil storage reserve in the New York Harbour area in preparation for future emergencies.

Part of the government's response to the widespread damage caused by Hurricane Sandy in 2012, the facility will hold 1 million barrels of petroleum and be built at an estimated cost of $215 million (€154.3 million).

Should a similar event occur again, the new reserve will be utilised if regular supplies are disrupted.

According to reports, the reserve will be the first of several that will be constructed around the US to plan ahead for future extreme weather events.

- See more at: http://www.tankstoragemag.com/industry_news.php?item_id=7733#sthash.Umnq3JQs.dpuf